John C. Raney - Mar 28, 2024 Form 4 Insider Report for Modiv Industrial, Inc. (MDV)

Role: COO and General Counsel
Signature: /s/ John C. Raney
Stock symbol: MDV
Transactions as of: Mar 28, 2024
Transactions value $: $0
Form type: 4
Date filed: 4/1/2024, 01:57 PM
Previous filing: Mar 8, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MDV	Class R OP Units	Options Exercise		-25.3K	-100%		0	Mar 28, 2024	COMMON STOCK, CLASS C	63.3K		Direct	F1
transaction	MDV	Class C OP Units	Options Exercise		+63.3K			63.3K	Mar 28, 2024	COMMON STOCK, CLASS C	63.3K		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	There is no expiration date in connection with the 25,333 Class R OP Units ("Class R OP Units") of Modiv Operating Partnership, LP (the "Partnership"), issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

Content

There is no expiration date in connection with the 25,333 Class R OP Units ("Class R OP Units") of Modiv Operating Partnership, LP (the "Partnership"), issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.